In 2016, the FCA asked a number of firms to conduct a review relating to the sale of non-advised annuities. Standard Life fully participated in this review.
The review related to our non-advised telephony practices for customers who may have been entitled to an enhanced annuity during the period 1 July 2008 to 31 May 2016.
Our telephony practices at the time resulted in some customers who were entitled to an enhanced annuity missing out.
On 23 July 2019, the FCA announced it was taking enforcement action against Standard Life Assurance Limited, meaning that we will be fined for those mistakes. We deeply regret the mistakes we have made and are absolutely focussed on putting things right.
The review and redress programme we started for affected customers in 2016 should be completed by the end of the year. We have already written to all of the potentially impacted customers, with over 80% of cases now resolved.